The steel major said it will acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. An asset transfer agreement has been signed between the two companies on Wednesday.
The asset acquisition will provide an inorganic growth opportunity for Tata Steel to augment its Ferro alloys processing capacities.
Stork Ferro and Mineral Industries ('SFML') is an unlisted company incorporated in India on November 6, 2006. It is owned by Stork Group, Austria. SFML has two 16.5 MVA furnaces with annual production capacity of ~53 Ktpa located at Balasore, Odisha. The revenue from operations of SFML was Rs 77.45 crore in FY 2020-21.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum.
On a consolidated basis, Tata Steel's net profit rose 158.9% to Rs 9572.67 crore on 45.9% increase in net sales to Rs 60524.72 crore in Q3 December 2021 over Q3 December 2020.
Shares of Tata Steel were up 0.53% at Rs 1314.90 on the BSE.
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